Attachmate Beats Novell Investors’ Suit Over $2.2B Deal

Law360, New York (February 13, 2012, 3:17 PM EST) -- A Massachusetts federal judge on Friday threw out a shareholder lawsuit against Attachmate Corp. over its $2.2 billion purchase of software company Novell Inc., saying the claims against Attachmate are too weak to proceed to trial.

Novell shareholders claimed Attachmate's purchase offer was “grossly inadequate” and said that the company aided alleged breaches of fiduciary duty by certain Novell board members who stood to profit personally from the transaction.

U.S. District Judge Rya Zobel ruled that the plaintiffs' claims were “obviously deficient” — the plaintiffs offered...
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